STRIX XBRL
STRIX, the AML/CFT software which enables the Authority to receive, risk assess and analyse data from regulated and registered entities now supports XBRL (eXtensible Business Reporting Language).
XBRL is an international standard for digital business reporting that enables structured, machine-readable data exchange. By tagging financial and non-financial data with standardised taxonomies, XBRL ensures consistency, reduces errors, and facilitates automated analysis.
For Isle of Man firms, this means:
- Reduced Reporting Burden: Firms can upload XBRL instance files that pre-populate survey fields, saving time and minimising manual input.
- Improved Accuracy: Automated taxonomy generation and validation reduce the risk of errors and enhance data quality.
- Recurring Efficiency Gains: Especially beneficial for annual AML/CFT returns and other recurring reports.
- Seamless Integration: The module works directly with STRIX’s Data Collection Module, ensuring a smooth user experience.
If you are a developer (third party or inhouse), the following files will enable you to adopt the XBRL standard into your reporting mechanisms for the 2025 AML Return.
2025 AML Return Inherent Risk Questions
2025 AML Return Control Questions
The Industry Guidance document available here will also assist in understanding the flow and requirements of the return.
If you would like access to a test environment, please contact the AML Team directly on amlreturns@iomfsa.im.